"Finance" Launches the electronic invoicing system in its experimental phase in cooperation with…"Federal tax"

Sharjah, June 26 / WAM / The Ministry of Finance, in cooperation with the Federal Tax Authority, organized an event to raise awareness of the electronic invoicing system in the country in the Emirate of Sharjah, in the presence of a number of specialists from both sides, in addition to representatives of private sector companies.

The event witnessed an expanded presence from representatives of the business sector and companies subject to the system, coinciding with the official announcement of the launch of the pilot phase of the “5-Corner Model” for electronic invoicing, in a step that represents a pivotal step towards the gradual, safe and successful implementation of the electronic invoicing system at the state level.

The event highlighted the strategic importance of this pilot phase, which witnesses active participation from concerned parties and approved service providers, with the aim of testing systems and technical integration and ensuring the highest levels of readiness.

The carefully defined next steps were reviewed within the plan to implement the electronic invoicing system, coinciding with the activation of the (5-Corner Model) for electronic invoicing, in preparation for completing the linking procedures and starting to send and exchange electronic invoices in a safe and effective manner.

This event comes as a continuation of the Ministry’s ongoing awareness efforts after the success witnessed by the previous two events, where the first event was held last January, followed by the second event last May, with the aim of comprehensive briefing and awareness of the requirements of the electronic invoicing system.

His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, confirmed that launching the pilot phase and continuing to organize awareness meetings about the electronic invoicing system reflect the integrated approach and support that the state is keen to provide to ensure the private sector’s flexible transition towards implementing the electronic invoicing system.

His Excellency explained that the system was designed to represent a basic pillar that supports the UAE’s ambitious directions to build an integrated and sustainable digital economy, keeping pace with the highest international standards and practices in the accuracy of transactions and financial data management.

His Excellency said that the launch of the pilot phase of the electronic invoicing model based on the (5-Corner Model) represents an important step in the process of building an advanced digital invoicing system ready for the future, and through cooperation with the companies participating in the pilot phase and approved service providers, we seek to develop a system that achieves greater added value for companies, enhances operational efficiency, and establishes higher levels of confidence in the business environment.

His Excellency the Undersecretary of the Ministry of Finance called on the business community and people subject to the requirements of the electronic invoicing system to take the initiative to take the necessary proactive measures and keep up with the approved plan for implementation, which includes choosing an approved service provider, completing the necessary contractual arrangements with him, and completing registration procedures for the system through the “Emirates Tax” platform of the Federal Tax Authority, stressing that early preparation and active participation during these stages will enable people subject to the system to benefit from the benefits of automation and transparency from the first stages of implementing the system.

His Excellency Abdulaziz Mohammed Al Mulla, Director General of the Federal Tax Authority, said that the five-party model for electronic invoicing is distinguished by its reliance on digitally exchanging data in a secure manner between the concerned parties automatically for greater transparency and immediate compliance, accurately and efficiently, by issuing and sharing electronic invoices. The launch of the pilot phase of working according to this advanced model, which is the most recent of its kind in the world, confirms that the implementation of the electronic invoicing system is gradually entering into actual application according to the targeted timetable, constituting an important step on the path to digital transformation that the UAE is rapidly taking. Accelerating to be among the most innovative countries in the world.

His Excellency added that the electronic invoicing system, which is being implemented in cooperation between the Ministry of Finance and the Federal Tax Authority, supports the authority’s efforts to enhance voluntary tax compliance with safe and effective electronic mechanisms, by simplifying, unifying and automating billing processes, so that immediate exchange takes place through the system that complies with best practices to ensure the submission of tax returns with smoother and more accurate procedures to the authority.

His Excellency the Director General of the Federal Tax Authority stressed the importance of this new event to raise awareness of the electronic invoicing system, which comes within the framework of a series of ongoing awareness-raising and training sessions aimed at providing the necessary guidance and support for the success of this important transformation, and facilitating the joining of people and concerned parties to the electronic invoicing system, indicating that the Authority was keen to prepare early to implement the system in cooperation with the Ministry to ensure the ease of transition to the new system.

The event reviewed four main strategic goals and axes that attracted the attention of the participants, most notably introducing subject persons in detail to the importance of the electronic invoicing system and its direct benefits, discussing actual implementation mechanisms and technical integration tools, and reviewing the economic and commercial benefits associated with adopting the system, as well as highlighting the ambitious national goals of the system and its pivotal role in supporting digital transformation, enhancing the efficiency and transparency of commercial transactions, and reducing tax gaps through data accuracy and integrity.

The event program included the presentation of a comprehensive “introductory video” explaining the dimensions of the electronic invoicing system, followed by a comprehensive explanation of the importance of the system and the mechanisms of its contribution to improving the business environment.

The event allocated a dedicated space to explain the steps for people subject to joining the system through the “Emirates Tax” platform of the Federal Tax Authority. The event concluded with an expanded discussion session that witnessed great interaction from the participants.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related